An income statement for the company for the month of cybergames is shown below.
For income statement we first have to calculate cost of goods manufactured.
                                              CyberGames
                         Schedule of Cost of Goods Manufactured 
Particulars                                                    Amount (in $)   Amount (in $)
Direct materials: 
Beginning raw materials inventory ................ 240,000 
Add: Purchases of raw materials...................  <u>950,000 </u>
Raw materials available for use.................... 1,190,000 
Deduct: Ending raw materials inventory ......... <u>170,000 </u>
Raw materials used in production ................                           1,020,000 
Direct labor......................................................                                      0 
Manufacturing overhead ...................................                       <u>             0 </u>
Total manufacturing costs.................................                        1,020,000
Add: Beginning work in process inventory..........                        <u>            0 </u>
                                                                                                  1,020,000
Deduct: Ending work in process inventory .........                       <u>             0 </u>
Cost of goods manufactured .............................                       1,020,000
Since we are given no information about work in progress and manufacturing overhead we assume it to be zero.
                                              CyberGames
                                           Income Statement 
Particulars                                                   Amount (in $)    Amount (in $)
Sales ........................................................                             1,450,000
Cost of goods sold:
Finished goods inventory, beginning............... 240,000
Add: Cost of goods manufactured .............. <u>1,020,000</u>
Goods available for sale .............................. 1,260,000
Deduct: Finished goods inventory, ending..     <u> 170,000</u>         <u>1,090,000</u>
Gross margin ..................................................                          360,000
Selling and administrative expenses .................                      <u>  390,000</u>
Net operating income (loss)......................................                 (30,000)
Hence, CyberGames incurs a loss of 30000 for the given information.
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